My expectations haven't really changed. I still think this intermediate cycle is going to test these all-time highs at $2090. I tend to think that gold is going to break out above these all-time highs during these intermediate cycles.
I keep telling my subscribers that there is going to be a huge battle at $2000; the Fed is ostensibly trying to fight inflation and you cannot have gold above $2000 and claim to be winning the fight against inflation so I warned people this would happen - there would be a huge attack to try to keep gold pressed below $2000. The drop in gold wasn't that extreme but they beat the miners senseless during this pullback.
Not terribly extreme in gold but really bad in the mining stocks. We probably got a daily cycle low yesterday but we do have options expiration on Friday so this may be difficult for a few more days. I do think gold will get through this because the dollar has topped and it's just going to be extremely difficult for the banking cartels to keep gold suppressed with the dollar now in the declining phase of its intermediate cycle. It's going to remain somewhat difficult in the metals until gold can break through the $2090.
About the author
